New Community-Wide Initiative Forms by Bitcoin's Biggest Traders to Spotlight Scams and Schemers

Knowing who to trust in the cryptocurrency industry is often a lesson learned the hard way by newcomers. However, a new list from Ripple, Galaxy Digital Holdings, and other could provide a guide to the scammers to stay away from.

Multiple Trading Companies Discuss Possibility of Establishing Crypto Blacklist

Quick Facts:

  • A discussion between 35 crypto entities discussed potential for blacklist of scammers.
  • An alternative option of accreditation for firms in good standing was also presented.

The cryptocurrency world is a complicated place, and the constant scams that have arisen in the news lately are making it hard for new and existing investors to trust. In a new article from Bloomberg, it has become clear that the big players and traders in the industry want to gain this faith back from the public. Multiple firms, which include DRW Holdings, Galaxy Digital Holdings, and Ripple, have discussed the possibility of creating a list of entities that are known for their “nefarious activities,” as Bloomberg writes.

The discussion between a total of 35 entities was held on Tuesday in Chicago, where they introduced another possible solution – an accreditation that would show the firms that are in good standing. This accreditation would be validated by a “loose association of crypto businesses,” which would be better known as the Crypto OTC Roundtable Asia (CORA).

A managing partner of QCP Capital in Singapore, Darius Sit, commented that the collaboration with other firms in the community could ultimately help with the compliance standards of the industry. In doing so, the community would end up preventing liabilities that otherwise would arise as a result the bad actors and trading with them. He added:

“A self-governance initiative like this is also something that regulators are keen to see.”

This meeting comes at the same time that Binance announced that they were dealing with a major security breach, losing 7,000 Bitcoins to a hacker, which was worth over $40 million at the time. The CEO of Binance, Changpeng Zhao, wrote a letter on the Binance website, explaining that the funds were pulled from their hot wallets, which have less than 2% of the Bitcoin holdings of Binance.

The co-founder and COO of Chainalysis, Jonathan Levin, claimed last month that at least 95% of the crimes related to crypto that law enforcement has taken action on involve Bitcoin. However, considering that the blockchain provides a fairly clear path for every single transaction with its transparency, the authorities are having an easier time in building these cases than with traditional finance.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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